Over the last 5 or 6 years …How To Process Ssp On Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes increasingly more intricate International organizations are seeking to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective numerous companies keep different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate bank accounts in some cases in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add more complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really really fundamental there’s no real consistency structure we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so once again you’re just looking to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive result on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll service for your workers worldwide once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of try to return to everyone so proceeding appearance why do companies choose to main separate savings account there are How To Process Ssp On Papaya Global services out there doing precisely this for specific nations and I have actually worked in a company or many businesses doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually people are extremely stuck to what they recognize
with ideal um change is a tough thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous savings account but there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is substantial however I believe the honest response is change um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Process Ssp On Papaya Global